Financial services, undisclosed

Development capital project entered in 2007, Sweden

In July 2007, Proventus extended a loan to finance a geographic consolidation in the financial industry. The cash enabled an acquisition creating the largest player in the Nordic region within a niche of financial services. Proventus provided a five year bullet loan of EUR 5 million.

Proventus has in the past few years moved to meet what we believe to be an important, unfilled need among mid-sized European companies that are in expansion or restructuring, but are unable to acquire bank financing and unwilling to dilute current ownership to fund such initiatives. In August 2009, Proventus laid the ground for Proventus Capital Partners, a co-investment vehicle through which Proventus invests its own and external funds in public corporate bonds, leveraged loans and private corporate loans to mid-sized companies in need for growth and restructuring capital. We see this as a major investment opportunity, targeting capital needs that cannot currently be financed because of restrictive loan policies of banks and others. We think there is a significant need for a more active market of this kind and aim to take part in developing it.